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The positive vibe in the U.S. economy stemming from robust job gains in January and February has quickly given way to a more subdued tone — at least temporarily. Nonfarm payroll employment rose by 120,000 in March, the Bureau of Labor Statistics reported on Friday, falling well short of the 200,000 figure expected by most economists and raising questions about the strength of the recovery. For starters, is this a case of déjà vu or an aberration? “The current situation unfortunately harkens back to last year when the job market was gaining momentum, but thanks to a confluence of idiosyncratic factors that imperiled the economy, the labor market weakened beginning in May,” says Ryan Severino, senior economist with Reis, a New York-based commercial real estate research firm. “The situation in 2012 is similar, and because of this we should remain guarded about the outlook for 2012.” The sovereign debt crisis in Europe coupled with a downgrade of the U.S. credit rating by Standard & Poor’s last summer led to a heightened level of anxiety and uncertainty in 2011, which ultimately blunted the economic momentum. The concern is that rising gas prices resulting in part from escalating tensions in the Middle …

AUSTIN, TEXAS — American Campus Communities' Bill Bayless and EdR's Randy Churchey, CEOs of the two largest companies in the student housing sphere, weighed in Wednesday on emerging industry trends during the fourth annual InterFace Student Housing Conference in Austin that has attracted more than 700 attendees. The two publicly traded REITs have been growing by leaps and bounds, but most public attention has been on EdR, which secured an agreement with the University of Kentucky (UK) to develop and manage all of the university's on-campus housing. It is the first such deal to be struck where a large, land-grant public university chose to outsource its entire stock of on-campus housing. The 50-year ground lease was signed in February, and ground has been broken for a brand-new, 600-bed honors college. Eventually, EdR will add 3,000 beds to the campus and drive the on-campus bed total to 9,000. This agreement has the industry wondering what this deal could mean going forward. Moderator Dorothy Jackman, managing director of the National Student Housing Group for Colliers International, asked the CEOs if more colleges like UK will soon make similar deals. “Those types of major initiatives take longer to transact,” Bayless told the attendees …

AUSTIN, ATLANTA AND LEXINGTON, KY. — DiamondRock Hospitality Co., a Bethesda, Md.-based hotel REIT, has closed on the sale of a three-hotel portfolio to affiliates of Inland American, an Oak Brook, Ill.-based non-traded REIT, for $262.5 million. The two entities entered into a purchase agreement in October 2011. The hotels in the portfolio include the 492-room Renaissance Austin in Austin, the 409-room Griffin Gate Marriott Resort & Spa in Lexington, and the 521-room Renaissance Waverly in Atlanta. All three hotels are subject to long-term management agreements with Marriott International Inc. “We are pleased to announce the completion of the sale of the three hotels to Inland American,” said Mark Brugger, CEO of DiamondRock Hospitality Co. “We believe the disposition achieves primary benefits for DiamondRock.” The sale will reduce the company’s debt by $180 million and increase corporate cash by approximately $93 million, and position DiamondRock to be an opportunistic acquirer of hotels this year. The sale also improves DiamondRock’s portfolio and market concentration, according to Brugger. As part of the sale, DiamondRock received approximately $10 million for hotel working capital and cash previously held in restricted escrow accounts, net of closing costs. Eastdil Secured advised DiamondRock on the sale. In …

GREGORY, TEXAS — Tianjin Pipe Corp. (TPCO) has plans to construct a $1 billion manufacturing facility in Gregory, located near the Port of Corpus Christi. Tianjin, China-based TPCO is a global leader for manufacturing seamless pipes. The facility, TPCO’s first major mill in the United States, will be delivered in phases between December 2012 and the end of 2014. Currently, the company has major manufacturing properties in China and Indonesia, and exports to more than 100 countries in Europe, the Americas, Asia, Africa and Oceania. Jacobs Engineering Group (NYSE: JEC) has been selected to provide project management consulting services for the new pipe rolling mill. “We are very proud that TPCO has chosen Jacobs to provide project management consulting services for its first project in the U.S.,” said Tom McDuffie, group vice president of Jacobs, in a prepared statement. “This is a major investment in Texas and reflects the confidence in our reputation for successfully delivering large facilities anywhere in the world.” Jacobs’ Houston and Shanghai offices will assist TPCO with coordination and management of engineering, procurement and construction for the mill. Engineering, procurement and construction of the new facility is expected to be a multinational endeavor, including professional services, …

HERNDON, VA. — Norcross, Ga.-based Wells Core Office Income REIT Inc. has purchased South Lake at Dulle Corner in Herndon for $91.1 million, or $340 per square foot. Wells Core is a non-traded REIT. Brandywine Realty Trust (NYSE: BDN), the seller, completed the development of the 10-story office property in November 2008. The Class A office building is fully leased to Time Warner Cable Inc., one of the nation's largest cable providers, which occupies 268,240 square feet. Brandywine, based in Radnor, Pa., plans to use the net sale proceeds after closing costs for general corporate purposes. The publicly traded REIT is selling the property as part of a larger strategy to maximize its existing portfolio's value, said Gerald H. Sweeney, president and CEO of Brandywine Realty Trust, in a prepared statement. “It strengthens our balance sheet by providing additional liquidity, provides additional capital for our investment activities and demonstrates our commitment to execute key components of our 2012 business plan,” Sweeney stated. Cassidy Turley marketed the property on behalf of Brandywine. Brandywine’s stock price closed Friday, March 23 at $11.22 per share, up slightly from $10.99 a year ago. — Liz Burlingame